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奥纬咨询:2025年Q4北美货运铁路业绩:财务与运营概览报告(中译版)(31页).pdf

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1、North American Freight Rail PerformanceQ4 2025 Financial and Operations Review2 Oliver WymanOliver Wymans quarterly North American Freight Rail Performance report compiles and analyzes publicly available data from the seven largest North American railroads:BNSF Railway(BNSF)Canadian National Railway

2、(CN)Canadian Pacific Kansas City Railway(CPKC)CSX Transportation(CSX)Ferromex(FXE)Norfolk Southern Railway(NS)Union Pacific Railroad(UP)Data sources include the US Surface Transportation Board(STB),the Association of American Railroads(AAR),the Federal Railroad Administration(FRA),industry financial

3、 reports,and public company informationAll dollar figures are US dollars.Financial figures for CN,CPKC,and FXE are converted to US dollars using the exchange rate at the end of the latest quarterINTRODUCTION23 Oliver WymanCONTENTS(1/2)Total revenue for Q4 2025 compared to Q4 2024 and peak quarter5To

4、tal revenue two-year trend with compound quarterly growth rate(CQGR)for Q4 2023 to Q4 20256Total revenue units for Q4 2025 compared to Q4 20247Average freight revenue per unit for Q4 2025 compared to Q4 20248Carloads and intermodal units for Q4 2025 compared to Q4 20249Non-coal and coal carloads for

5、 Q4 2025 compared to Q4 202410Revenue ton-miles(RTMs)for Q4 2025 compared to Q4 202411Freight revenue per RTM for Q4 2025 compared to Q4 202412Adjusted operating ratio(OR)for Q4 2025 compared to Q4 202413Operating ratio two-year trend with CQGR for Q4 2023 to Q4 202514Annual adjusted operating ratio

6、(OR)for 2025 compared to 202415Freight revenue and operating expense per RTM for Q4 2025 compared to Q4 2024164 Oliver WymanCONTENTS(2/2)Total employees for Q4 2025 compared to Q4 202417Total employment count and RTMs Q4 2018 to Q4 202518RTMs per employee for Q4 2025 compared to Q4 202419Operating i

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1. **营收表现**:加拿大铁路(CPKC、CN)及墨西哥Ferromex(FXE)营收增长,美国铁路普遍下滑;CPKC与FXE创近三年Q4最高营收。 2. **运营效率**:行业运营比率(OR)改善,CPKC(59.9%)和UP(60.0%)首次低于60%;员工效率提升,RTM/员工增长(如FXE +19.2%)。 3. **财务与投资**:多数铁路资本支出(Capex)增加(如CSX +9.7%),自由现金流(FCF)分化;UP的ROIC最高(14.5%)。 4. **安全与服务**:安全指标改善,员工伤害率普遍下降;服务性能参差不齐,如NS平均停留时间缩短3.8%,但BNSF速度下降4.3%。
铁路营收如何? 运营效率提升了吗? 安全表现改善了吗?
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